David Geffen donated $150 million to the Los Angeles County Museum of Art Wednesday to finance a $600 million addition to the museum.

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"It seemed as though, if I didn't do it, it wasn't going to get done -- they've been attempting this for years and they couldn't raise the money," the Hollywood powerhouse told the New York Times. "I love art, I love L.A. and I could do it, so I did."

Geffen's contribution brings the fundraising total for the new building to $450 million.

In appreciation for his contribution, which is the largest in the museum's history, the building will be named the David Geffen Galleries.

The LACMA is a public facility, meaning the building will officially be owned by Los Angeles County.

And Los Angeles County Board of Supervisors Chairman Mark Ridley-Thomas said Geffen's contribution was "an inspiring example of how private philanthropists can partner with public institutions to expand architectural and artistic horizons for everyone," reported the Los Angeles Times.

Earlier in the day, Geffen criticized wealthy New Yorkers for not stepping up to donate enough money to finance the New York Philharmonic's planned $500 million expansion, which the storied institution announced it will scale back after failing to raise enough funds.

Geffen had previously donated $100 million to the concert hall, which is also named after him.

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"That a city that has as many wealthy individuals who've made a fortune in New York - that they couldn't show up and support the most important cultural institution in New York, I think is too bad and shameful," Geffen said.

"New York deserves to have the best concert hall for the Philharmonic. New York should have the best of everything.